| Item No. | Category | Condition Precedent Description | PPA Section Reference | Responsible Party | Responsible Contact | Status | Target Date | Date Received / Completed | Notes / Comments |
| 1 | Seller Organizational | Certificate of Good Standing — Calloway-Briggs Renewables Inc. (Delaware Secretary of State) | Article XII, Section 12.1(a) | Seller / Calderwood & Harkness LLP | David Stanton (C&H) | In Progress | 2025-09-08 | Order placed with Delaware Secretary of State via Capitol Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904. CBR is a Delaware corporation, EIN 82-4637201. |
| 2 | Seller Organizational | Certificate of Good Standing — Saguaro Flats Solar LLC (Delaware Secretary of State) | Article XII, Section 12.1(a) | Seller / Calderwood & Harkness LLP | David Stanton (C&H) | In Progress | 2025-09-08 | Order placed with Delaware Secretary of State via Capitol Registered Agents LLC. Saguaro Flats Solar LLC is a Delaware LLC, EIN 93-1284506, 100% owned by CBR. |
| 3 | Seller Organizational | Secretary's / Manager's Certificate and Resolutions — Saguaro Flats Solar LLC authorizing execution and delivery of PPA, Lender Consent Agreement, and related documents | Article XII, Section 12.1(b) | Seller | Rachel Muñoz (CBR General Counsel) | Not Started | 2025-09-12 | Saguaro Flats Solar LLC is managed by Calloway-Briggs Renewables Inc. Resolutions to authorize execution by authorized officer. Must attach certified copy of LLC Agreement and incumbency of authorized signatories. Form prepared by David Stanton (C&H). |
| 4 | Seller Organizational | Seller Officer's Certificate — Saguaro Flats Solar LLC certifying (i) due organization and good standing, (ii) authorization of PPA, (iii) truth of representations and warranties, (iv) no default or event of default | Article XII, Section 12.1(c) | Seller | Rachel Muñoz (CBR General Counsel) | Not Started | 2025-09-15 | To be executed at PPA closing by authorized officer of Saguaro Flats Solar LLC. Form prepared by David Stanton (C&H). |
| 5 | Seller Organizational | Evidence of Seller's formation documents — Certified copy of Certificate of Formation of Saguaro Flats Solar LLC filed with Delaware Secretary of State | Article XII, Section 12.1(a) | Seller / Calderwood & Harkness LLP | David Stanton (C&H) | Not Started | 2025-09-08 |
| 6 | Buyer Organizational | Buyer Officer's Certificate — Meridian DataCore Solutions Inc. certifying (i) due organization and good standing in Delaware, (ii) authorization of PPA, (iii) truth of representations and warranties, (iv) no default | Article XII, Section 12.2(a) | Buyer | Victor Langford (Meridian Deputy General Counsel) / Hargrove & Linden LLP (Evelyn Crumveth) | Not Started | 2025-09-15 | Meridian DataCore Solutions Inc. is a Delaware corporation, EIN 47-5918320, Nasdaq: MDCS. HQ: 700 Lakeshore Parkway, Building C, Austin, TX 78746. |
| 7 | Buyer Organizational | Certificate of Good Standing — Meridian DataCore Solutions Inc. (Delaware Secretary of State) | Article XII, Section 12.2(a) | Buyer / Hargrove & Linden LLP | Ryan Matsuda (H&L) | Not Started | 2025-09-08 |
| 8 | Buyer Organizational | Secretary's Certificate and Board Resolutions — Meridian DataCore Solutions Inc. authorizing execution and delivery of PPA and Buyer Guaranty | Article XII, Section 12.2(b) | Buyer | Victor Langford (Meridian Deputy General Counsel) | Not Started | 2025-09-12 | Must include incumbency of authorized signatories. |
| 9 | Permits & Regulatory | Pecos County Conditional Use Permit (CUP-2025-012) — certified copy | Article XII, Section 12.1(d) | Seller | Janet Okafor (CBR SVP, Origination & Commercial) | Complete | 2025-07-14 | 2025-02-10 | CUP approved February 10, 2025 by Pecos County. Permit No. CUP-2025-012. Project site: FM Road 1776, ~12 mi SE of Fort Stockton, Pecos County, TX 79735, ~1,400 acres leased from Redrock Mesa Ranch LP. |
| 10 | Permits & Regulatory | ERCOT Large Generation Interconnection Agreement (LGIA) — executed copy | Article XII, Section 12.1(e) | Seller | Marcus Tiernan (CBR President & COO) | Complete | 2025-07-14 | 2025-05-15 | LGIA executed May 15, 2025. ERCOT Queue Position: ERCOT-GI-2024-0437. Interconnection at Ft. Stockton 345 kV Substation, Pecos County, TX. Transmission service provider: West Texas Wires LLC. Full Interconnection Study completed March 14, 2025. |
| 11 | Permits & Regulatory | TCEQ Stormwater Pollution Prevention Plan — evidence of submission / compliance | Article XII, Section 12.1(d) | Seller | Marcus Tiernan (CBR President & COO) | In Progress | 2025-09-01 | No individual TCEQ permit required. SWPPP submission required. |
| 12 | Credit Support — Seller | Irrevocable Standby Letter of Credit — issued by Tralvendo National Bank, N.A. in the amount of $7,000,000 | Article VIII, Section 8.1 | Seller | Derek Engstrom (CBR VP, Project Finance & Treasury) | In Progress | 2025-09-12 | LC amount: $7,000,000 (equal to 1 year of estimated PPA revenues at P50 of 350,000 MWh/yr × $20.00/MWh). Reduces to $3,500,000 after the 5th anniversary of COD if no Seller default is outstanding. Issuing bank: Tralvendo National Bank, N.A., 600 Main Street, Suite 3000, Dallas, TX 75202 (contact: Diane Roessler, Director, Project Finance). Form per Exhibit D to PPA. |
| 13 | Credit Support — Buyer | Executed Buyer Corporate Guaranty — Meridian DataCore Solutions Inc. guaranty of Buyer obligations, capped at $14,000,000 | Article VIII, Section 8.2 | Buyer | Victor Langford (Meridian Deputy General Counsel) / Amara Osei (Meridian VP, Procurement & Contracts) | Pending | 2025-09-12 | Guaranty cap of $14,000,000 (equal to 2 years of estimated PPA revenues). Guarantor: Meridian DataCore Solutions Inc. (Pinnacle credit rating: BBB). Form per Exhibit C to PPA. Guaranty governed by New York law. Draft circulated by Calderwood & Harkness; awaiting response from Hargrove & Linden LLP. This item remains subject to Buyer's agreement to provide guaranty — currently an open negotiation issue. |
| 14 | Lender Consent | Executed Lender Consent and Direct Agreement (Consent to Collateral Assignment of PPA) — among Saguaro Flats Solar LLC, Meridian DataCore Solutions Inc., and Tralvendo National Bank, N.A. as Administrative Agent | Article XII, Section 12.1(f) | Seller / Lender / Buyer | Helen Nakamura (C&H, Of Counsel, Project Finance) / Diane Roessler (Tralvendo) / Philip Thornton (Whitfield Stroval & Cade LLP) | In Progress | 2025-09-12 | Form per Exhibit F to PPA. Provides Buyer's consent to collateral assignment of PPA to lender group under $108,000,000 construction-to-term loan facility. Includes lender step-in rights, cure rights (90-day cure period per lender request), and right to enter replacement PPA. Being negotiated with Whitfield Stroval & Cade LLP (lender's counsel, 51 West 52nd Street, 30th Floor, New York, NY 10019) and Hargrove & Linden LLP (buyer's counsel). Lender requires prior written consent to any change of control of Seller. |
| 15 | Insurance | Evidence of Insurance — Certificates of insurance for all required coverages per Exhibit E (builder's risk, commercial general liability, property/all-risk, business interruption) | Article XII, Section 12.1(g) | Seller | Derek Engstrom (CBR) / Fieldstone Risk Advisors LLC (broker, Houston, TX) | In Progress | 2025-09-10 | Builder's risk / property insurer: Commonwealth Mutual Insurance Co. General liability insurer: Ridgeway Casualty Group Inc. Insurance requirements per Exhibit E to PPA. |
| 16 | Insurance | Additional insured endorsements naming Buyer (Meridian DataCore Solutions Inc.) and Administrative Agent (Tralvendo National Bank, N.A.) as additional insureds | Article XII, Section 12.1(g) | Seller | Derek Engstrom (CBR) / Fieldstone Risk Advisors LLC | Not Started | 2025-09-10 |
| 17 | Legal Opinions | Seller's Legal Opinion — Calderwood & Harkness LLP to Meridian DataCore Solutions Inc. opining on (i) due organization and good standing of Saguaro Flats Solar LLC in Delaware, (ii) due authorization, execution, and delivery of PPA, (iii) legal, valid, and binding obligation enforceable per its terms (subject to customary qualifications), (iv) no conflict with organizational documents or applicable law | Article XII, Section 12.2(c) | Seller's Counsel | Patricia Dunmore (C&H, Responsible Partner) | Not Started | 2025-09-15 | PPA governed by New York law. Form prepared by C&H (bring-down legal opinion form). Delivery at PPA execution. |
| 18 | Legal Opinions | Buyer's Legal Opinion — Hargrove & Linden LLP to Saguaro Flats Solar LLC opining on due authorization, execution, and enforceability of PPA and Buyer Guaranty | Article XII, Section 12.1(h) | Buyer's Counsel | Evelyn Crumveth (H&L, Lead Partner) | Not Started | 2025-09-15 | Hargrove & Linden LLP, 300 Congress Avenue, Suite 2200, Austin, TX 78701. |
| 19 | PPA & Exhibits | Execution version of Power Purchase Agreement — fully executed by Saguaro Flats Solar LLC (Seller) and Meridian DataCore Solutions Inc. (Buyer) | N/A | Seller / Buyer | Rachel Muñoz (CBR) / Victor Langford (Meridian) | Not Started | 2025-09-15 | 20-year term from COD (expected April 1, 2027) to expiration (March 31, 2047). Aggregate nominal contract value: $140,000,000. Contract price: $20.00/MWh fixed years 1–5, 1.50% annual escalator years 6–20. Virtual PPA / CfD settled at ERCOT West Hub. Project: 195 MWdc / 150 MWac (DC:AC ratio ~1.30). P50 annual generation: 350,000 MWh (per Heliograph Energy Consulting LLC). Dispute resolution: AAA Commercial Arbitration Rules, New York, NY. |
| 20 | PPA & Exhibits | Exhibit A — Facility Description and Site (executed) | Exhibit A | Seller | Brett Callahan (C&H) | Complete | 2025-09-15 | 195 MWdc / 150 MWac ground-mounted single-axis tracking solar PV. ~1,400 acres, Pecos County, TX. EPC by Sunbelt Power Construction LLC (contract value: $142,500,000, fixed-price turnkey). HQ: 2100 Industrial Blvd., San Antonio, TX 78221. |
| 21 | PPA & Exhibits | Exhibit B — Contract Price and Escalation Schedule (executed) | Exhibit B | Seller | Brett Callahan (C&H) | Complete | 2025-09-15 | Year 1–5: $20.00/MWh; Year 6: $20.30/MWh; Year 10: ~$21.55/MWh; Year 15: ~$23.22/MWh; Year 20: ~$25.02/MWh. |
| 22 | PPA & Exhibits | Exhibit C — Form of Buyer Corporate Guaranty (executed) | Exhibit C | Buyer | Victor Langford (Meridian) | Pending | 2025-09-15 | Subject to Buyer's agreement to provide guaranty. Guaranty cap: $14,000,000. |
| 23 | PPA & Exhibits | Exhibit D — Form of Letter of Credit (Seller Availability LC) (executed) | Exhibit D | Seller | Derek Engstrom (CBR) | In Progress | 2025-09-15 | LC amount: $7,000,000. Issuer: Tralvendo National Bank, N.A. |
| 24 | PPA & Exhibits | Exhibit E — Insurance Requirements (executed) | Exhibit E | Seller | Brett Callahan (C&H) | Complete | 2025-09-15 |
| 25 | PPA & Exhibits | Exhibit F — Form of Lender Consent Agreement (executed) | Exhibit F | Seller / Lender | Helen Nakamura (C&H) | In Progress | 2025-09-15 | See Item 14 above. |
| 26 | EPC & Construction | Evidence of executed EPC Contract — Sunbelt Power Construction LLC | Article XII, Section 12.1(i) | Seller | Marcus Tiernan (CBR President & COO) | In Progress | 2025-09-10 | Fixed-price turnkey EPC contract, contract value $142,500,000. NTP to Sunbelt targeted October 15, 2025. Total project cost ~$154,300,000 (EPC $142.5M + ~$11.8M soft costs, land, interconnection, reserves). Debt/equity: 70/30 ($108M debt / ~$46.3M equity). |
| 27 | EPC & Construction | Independent Engineer's report / PPA bankability confirmation — Gresham Engineering Advisors Inc. | Article XII, Section 12.1(j) | Lender / Independent Engineer | Diane Roessler (Tralvendo) / Gresham Engineering Advisors Inc. (8700 Shoal Creek Blvd., Suite 350, Austin, TX 78757) | In Progress | 2025-09-10 | IE retained by Tralvendo on behalf of lender group to verify project design, construction readiness, and PPA bankability. |
| 28 | Ground Lease | Evidence of executed Ground Lease — Redrock Mesa Ranch LP | Article XII, Section 12.1(k) | Seller | Janet Okafor (CBR SVP) | In Progress | 2025-09-08 | 35-year ground lease for ~1,400 acres, Pecos County, TX, FM Road 1776. |
| 29 | Miscellaneous | CBR qualification to do business in Texas — evidence of foreign qualification | Article XII, Section 12.1(a) | Seller / Calderwood & Harkness LLP | David Stanton (C&H) | In Progress | 2025-09-08 | CBR is a Delaware corporation with HQ at 4200 Travis Street, Suite 1800, Houston, TX 77002. |
| 30 | Miscellaneous | Saguaro Flats Solar LLC qualification to do business in Texas — evidence of foreign qualification | Article XII, Section 12.1(a) | Seller / Calderwood & Harkness LLP | David Stanton (C&H) | In Progress | 2025-09-08 | Saguaro Flats Solar LLC is a Delaware LLC; project located in Pecos County, TX. |
| SUMMARY | Total Items | 30 |
| Complete | 5 |
| In Progress | 14 |
| Not Started | 9 |
| Pending | 2 |
| Field | Value |
| Matter No. | 1015-00002 |
| Client | Calloway-Briggs Renewables Inc. (CBR) |
| Project Company (Seller) | Saguaro Flats Solar LLC |
| Buyer | Meridian DataCore Solutions Inc. (Nasdaq: MDCS) |
| Project | Saguaro Flats Solar Project — 150 MWac / 195 MWdc, Pecos County, TX |
| PPA Aggregate Nominal Value | $140,000,000 |
| PPA Term | 20 years from COD (April 1, 2027 – March 31, 2047) |
| Target PPA Execution Date | September 15, 2025 |
| Target Construction Loan Closing | October 1, 2025 |
| Construction Loan Facility | $108,000,000 — Tralvendo National Bank, N.A. (Admin Agent) |
| Seller's Counsel | Calderwood & Harkness LLP — Patricia Dunmore (Responsible Partner), George Trujillo (Billing Partner) |
| Buyer's Counsel | Hargrove & Linden LLP — Evelyn Crumveth |
| Lender's Counsel | Whitfield Stroval & Cade LLP — Philip Thornton |
| Prepared By | David Stanton, Working Associate, Calderwood & Harkness LLP |
| Last Updated | 2025-08-04 |
| Total CPs | 30 |
| Complete | 5 |
| In Progress | 14 |
| Not Started | 9 |
| Pending (Counterparty) | 2 |
| Completion % | 16.7% |